Unpacking a Lingerie Giant's Transformation
Once the unchallenged titan of lingerie, synonymous with supermodels, glittering runways, and an exclusive, hyper-glamorous ideal of beauty, Victoria’s Secret has undergone a seismic shift, fundamentally reshaping its identity. For decades, the brand was inextricably linked to billionaire retail mogul Les Wexner, the visionary who built it into a global powerhouse under his L Brands empire. But as public scrutiny intensified over both the brand’s increasingly outdated direction and Wexner’s shocking ties to the disgraced financier Jeffrey Epstein, the whispers of change became a roar. A new, precarious era was not just quietly, but necessarily, ushered in.
The End of the Wexner Reign
Les Wexner, long holding the title of Ohio’s richest man, began a complex disengagement from Victoria’s Secret and L Brands, culminating in his official departure from the board in 2020. This exit marked the end of a retail career spanning over five decades. His departure was spurred by a confluence of mounting pressures: a sharp decline in sales due to the brand's outdated marketing, widespread allegations of a toxic and misogynistic corporate culture, and the explosive revelations regarding his close, decades-long association with Jeffrey Epstein.
The allegations of toxicity were particularly damning, detailing an environment where former Chief Marketing Officer Ed Razek was accused of sexual harassment, bullying, and making inappropriate remarks to models and staff, operating with perceived impunity under Wexner's leadership. This internal turmoil, combined with a rapidly changing consumer landscape and the public relations nightmare of the Epstein scandal, made the brand a significant liability for L Brands.
In a desperate attempt to salvage the ailing lingerie giant, L Brands initially tried to sell a 55% stake in Victoria's Secret to the private equity firm Sycamore Partners for $525 million in early 2020. However, this deal sensationally collapsed just months later amidst the economic uncertainties of the COVID-19 pandemic and deepening concerns over the brand's valuation and liabilities. With the sale off the table and L Brands under immense pressure from investors and shifting consumer expectations, the conglomerate finally split in two. Bath & Body Works, the consistently profitable and stable arm of the business, was spun off into a separate entity. Victoria’s Secret, including its sub-brands PINK and Victoria's Secret Beauty, was given a fresh start under the newly formed Victoria’s Secret & Co., which became an independent, publicly traded company (NYSE: VSCO) in August 2021.
Who Owns Victoria’s Secret Now?
Today, Victoria’s Secret is no longer a private entity under Wexner's control, nor is it part of a larger conglomerate. It is owned by a diverse base of public shareholders and operates as an independent, publicly traded company: Victoria’s Secret & Co. This decisive shift to public ownership was engineered to grant the brand greater agility, direct access to capital markets, and the necessary independence to radically reinvent itself for a new generation of consumers and investors.
The company’s leadership, initially helmed by CEO Martin Waters who led the brand through its spin-off, transitioned in September 2024 to Hillary Super. Super, with extensive retail experience including a prior role as CEO of Savage X Fenty, has continued to focus on transforming Victoria’s Secret’s brand image, focusing relentlessly on inclusivity, modern appeal, and alignment with contemporary values. In stark contrast to its hyper-sexualized, male-gaze-driven past, the brand is now promoting campaigns that genuinely embrace body positivity, diversity in shape, size, and ethnicity, and authenticity—a conscious shedding of the "Angel" era that defined the Wexner years.
From Cultural Icon to Brand in Transition
While Les Wexner was undeniably instrumental in growing Victoria’s Secret into a multi-billion dollar juggernaut, peaking at a $7 billion valuation, the highly specific culture and aesthetic he cultivated eventually became its greatest liability. The once-dominant Victoria's Secret Fashion Show, a global spectacle, was notably canceled in 2019 after years of declining viewership and growing backlash for its lack of diversity and adherence to an unattainable beauty standard. Competitors like Aerie and Rihanna's Savage X Fenty rose rapidly, directly challenging Victoria's Secret with inclusive marketing and product lines that resonated with a new generation. Out of step with changing attitudes about gender, beauty standards, and inclusivity, Victoria's Secret saw declining sales and growing public criticism throughout the late 2010s.
The new Victoria’s Secret is actively rewriting that narrative, not just through marketing but with fundamental structural changes in leadership and internal practices. The company has replaced several long-time executives and strategically partnered with advocates and activists like Megan Rapinoe and Priyanka Chopra Jonas for its "VS Collective" initiative, aiming to shape its messaging and product lines from a place of genuine empowerment. The Victoria's Secret Fashion Show itself made a return, first as "The Victoria's Secret World Tour" film in September 2023, and then as a runway event in October 2024. While aiming for greater inclusivity with diverse models, its reception has remained somewhat mixed, highlighting the ongoing challenges in fully shedding its past image.
While these rebrand efforts have shown some promise in terms of brand perception and international growth, the company has faced mixed financial results. For instance, its Q1 2025 earnings, reported in June 2025, showed net sales essentially flat year-over-year, a slight decrease in comparable sales, and a lowered full-year operating income outlook, partly due to an estimated $50 million tariff impact. This signals that the road to full recovery remains ongoing and complex.
A Complex Legacy Still Looms
Despite the comprehensive rebrand and the decisive change in ownership, Wexner’s legacy continues to cast a long, complicated shadow over the company. His role in meticulously shaping the brand’s original identity and achieving its unprecedented scale is undeniable—but so too is the controversy surrounding his personal associations with Jeffrey Epstein and the outdated ideals his vision came to represent. For many, the brand's past is a stark reminder of unchecked corporate power and the dangers of insular leadership failing to adapt to evolving societal norms.
This lingering association impacts public perception, and while the new leadership is clearly focused on breaking from that past, it's a deep-seated challenge. The legal settlements from shareholder lawsuits (including a $90 million commitment to corporate governance reforms, like eliminating NDAs for harassment claims and strengthening reporting procedures) further underscore the lasting repercussions of the culture that developed under the previous regime.
Conclusion
Victoria’s Secret is no longer owned by Les Wexner or L Brands, having definitively embarked on its journey as an independent, publicly held entity. The brand is working diligently to distance itself from a complicated and controversial history, striving to build a more inclusive, diverse, and sustainable future.
As consumer expectations for authenticity and social accountability grow, and with fierce competition from agile, digitally native brands, Victoria’s Secret stands as a powerful and ongoing case study in how even the most iconic legacy brands must adapt radically—or risk becoming cautionary relics of a bygone era. Its evolution underscores the critical need for corporate leaders to not only build empires but also to foster cultures of integrity, transparency, and responsiveness to the world they serve.
